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The bullshit assymetry principle (it’s much faster to come up with bullshit than to refute it) means that lots of stuff that would fit a pretty reasonable definition of speech is still disruptive enough be a problem. You can distort the conversation to give your side an unjustified leg up through things like oversimplifications and cherry picking evidence while what you’re doing is blatantly only speech, and plausibly in good faith (you can’t tell if someone’s coming up with things themselves or repeating what they’ve read elsewhere and believe to be true). Speech can, on its own, be used to make people see fascist content as the rational centre ground, and then seek it out on contexts where it goes entirely unchallenged, and become full-fledged nutters.
Beehaw has a complicated signup process (it at least used to require you to write an essay), which makes accounts more valuable without having to charge money. They ended up defederating from a lot of other instances, though, as obviously, letting anyone bypass the registration requirements by just using another instance would undermine them.